Orlando Miner: buy your first rental property: beginner's guide to real estate investing, financing & passive income

Hello, everyone. Welcome to my channel. My name is Orlando, and today I'm answering a viewer's question. Jeremiah has a question. He says, Well, since I'm really just trying to get into the game, it would be really cool if you could break down how to buy a duplex or multifamily home easy enough for eight year old could understand it. And if that makes any sense. Currently, I'm based in Chicago, Illinois. Really just want to step by step on where I should start, whether it be me saving money, applying for certain loans, reading certain material, talking to particular people. Forgive me if I'm babbling, but I would really prefer this route than moving into an apartment. Well, Jeremiah, this is part two of answering the questions that you are looking for when it comes to getting into your first rental property. OK, so on the first episode, I answered and it's right here, guys. The first one, just go to this video. I answer questions about how to get into your first rental property, dealing with credit, real estate agents, and then also bank financing. In this video, I'm going to talk about number one, saving money. Saving money is huge. Guys, you need this to get into the property. There are going to be costs regardless if you get 100 percent financing program or not, that is just the way it is. You're going to have to pay for an appraisal. You're going to have to pay for title. You're going to have to pay for an inspection termite. All of these things do cost money. It may not be a lot of money, but it's still money that you have to come up with. Just because you get financing that says 100 percent does not mean that you will not come out of pocket any money. That's a falsehood. That is a myth that a lot of people believe that they won't have to come up with one red cent when it comes to getting a property at 100 percent financing. And that's just not true. So it is very important that you save your money and that you budget budget guys, budget, save your money, because it is going to be extremely hard for you to get approved through bank financing. If you aren't a budgeter, if you don't save your money, you're going to need this money to either bring as a down payment, pay for closing costs or both are both of them. Right. So make sure you save cutting back on Netflix on going out to eat. Whatever you do, you need to start saving now. Start figuring out what you can cut and then bring that money into your savings account ready for expenses of when you will need them. Like I said, down payment are are closing costs or both. Right. So that is extremely important. Do it, guys. That is the only way you're going to get into a rental property. You have to make sure make sure, guys, that your financial education, guys, financial education and your financial being, I should say, right. Saving knowing your credit, all of these things have to be in line with you getting into your first rental property because I don't want to set you up for failure if you don't know any of this stuff to begin with. So let's talk about number two, which is info. And doing research and understanding the process. Let's talk about info and doing research. There are multiple ways you guys can do research. Let's talk about BiggerPockets. BiggerPockets is a great resource because of the forums. You can search people, questions that people have asked and a bunch of investors and professionals answer these questions for individuals. I'm pretty sure there's a question that you are asking that you can find the answer on BiggerPockets. It is a great resource, guys. A great, great, great, great resource. And then just searching on Google itself, not the forms. Just, hey, I don't know what this means. You know, what is LTV mean? The bank is saying this. I don't know what this means. What does this say? If you do things like that, you will get the answers to your questions. You just have to take the time to do the research. And then my favorite, which are books, books, books, books. I am going to recommend a book that I first started out with. And this book is on Amazon. It is investing in duplexes, triplexes and quads, the fastest and safest way to real estate wealth. Now, I bought this on Amazon a long, long time ago. And man, I highlighted so much stuff. I've given this book away for gifts to other people that I know are interested in real estate. It has a great amount of information in it. It gives you diagrams and all that other stuff. I will put the link on description below. I think it's just a great book for starters to really understand and get into real estate, especially the duplex and multifamily game. So, Jeremiah, make sure you get this book. It is very important. Anybody else watching this buy the book? It's a good book. I'm telling you, it gives you a wealth of knowledge. But how important is knowledge and research in all of this? It's extremely important. I mean, you're listening to me right now because you are interested in real estate. So if you want to get more into it and understand how you can win this game, you want to win this game, right? You want to be wealthy. You want to be able to have passive income from real estate. That's the reason why you're watching this, right? That's I can't think of another reason why somebody would want to get into real estate if you don't want to make money from it. But who wants to get into a game when there's a high possibility that you can lose? Nobody wants to do that. You want to be prepared and make sure that you have all the tools necessary to win this game and knowledge, doing research on bigger pockets and just online in general. You can't win. We live in a age of information, guys. There is pretty much nothing under the sun when it comes to information that isn't available online. So use your resources and tools for that, guys. And then number three is mentors, guys. Like, listen, there are plenty of mentors out there who can help you get into real estate that can, you know, kind of let you know what's ahead, what you're going to deal with in the immediate future, kind of give you the game and the layout of what's to be expected. So mentors are extremely valuable, guys. If you can find a mentor by going doing meetups on social media, you can contact me if you need to. You know, whoever you want as a mentor, it reach out to someone and ask those questions. You know, me personally, I have a real estate course that will be in the description. If you are interested into getting into real estate and you want a beginner's course that will tell you exactly, exactly, exactly what to do, then buy that course, guys. I know I'm the creator, so I'm a little biased, right? But I want to help you get into your first rental property. And that is the vehicle that will help you. It answers so many questions that people have. Just go ahead. It's worth it. Trust me. But remember, guys, remember, you just don't want to go find a mentor and just bog them down with questions. Because as a person who has mentored people, I will tell you myself, one of the most annoying things for a mentee to come looking for you as a mentor is not knowing if the person is truly serious and if they have the heart and they were going to grind as hard as you did when you were coming. I'm giving you free information, right? I'm giving you information that will hopefully change your life or help your life in the future. All I'm asking for is that make sure that you are serious because a mentor doesn't want to waste his time. If this is just a fad in your life, is this a fad in your life where today you feel motivated to do it, but tomorrow you won't? Like if that is the case, then you're going to have a hard time finding a mentor. Mentors love to find mentees that have the drive and that want to do it and will take the mentor's advice and heed to it and actually use it in a positive way. So mentors are really, really great guys. And in this day and age, it's not hard to find one. Just like I said, go meet up. You can do you can go on Clubhouse and, you know, be careful on Clubhouse. But if you know the people on Clubhouse, just listen to some of that stuff. You can reach out to people on BiggerPockets and things like that. There's so many ways to find mentors, guys. So hopefully, hopefully, Jeremiah answered your questions. If you have any more questions, guys, please drop them in the comments section. I love answering questions. I will try to do my very best to get to all of the questions. I will even do videos to the questions. So use this opportunity. If you have any questions about real estate, go ahead and drop them in the comments section. So once again, guys, I'm going to need you to watch this next video here. It will help you get into your first rental property. Also, I answer questions about this crazy housing market. I will see you on the next one. Thanks.